Nuvama Wealth Management Ltd.
NUVAMAFinancial Services filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
12 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 12 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20231103 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240220 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240517 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240802 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241104 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250207 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250604 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250821 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251112 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260202 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260518 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260805 | 2026-06-30 | yes |
NUVAMA
files as a non-banking financial company. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | nbfc |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 1,695.40 |
| 52-week range | 1110.6 – 1980.1 |
| Return 1M | -3.37% |
| Return 3M | -3.04% |
| Return 1Y | 37.26% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 1,376.00 |
| Other income | 6.00 |
| Total income | 1,382.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 376.00 |
| Finance costs | 295.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.54 | -0.00 |
| institutions foreign | 0.19 | 0.02 |
| institutions domestic | 0.08 | 0.00 |
| mutual funds | 0.07 | 0.00 |
| public | 0.46 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 12 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 735.00 | 841.00 | 927.00 | 949.00 | 1,051.00 | 1,032.00 | 1,120.00 | 1,123.00 | 1,135.00 | 1,104.00 | 1,269.00 | 1,376.00 |
| Other income | 2.00 | 2.00 | 2.00 | 3.00 | 5.00 | 3.00 | 5.00 | 2.00 | 3.00 | 2.00 | 12.00 | 6.00 |
| Total income | 737.00 | 842.00 | 929.00 | 953.00 | 1,057.00 | 1,035.00 | 1,125.00 | 1,125.00 | 1,138.00 | 1,106.00 | 1,281.00 | 1,382.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 213.00 | 232.00 | 251.00 | 277.00 | 293.00 | 289.00 | 308.00 | 307.00 | 314.00 | 295.00 | 346.00 | 376.00 |
| Finance costs | 147.00 | 171.00 | 183.00 | 183.00 | 200.00 | 225.00 | 215.00 | 240.00 | 237.00 | 242.00 | 258.00 | 295.00 |
| Depreciation and amortisation | 24.00 | 45.00 | 45.00 | 20.00 | 21.00 | 24.00 | 29.00 | 24.00 | 25.00 | 27.00 | 36.00 | 27.00 |
| Other expenses | 160.00 | 156.00 | 188.00 | 166.00 | 196.00 | 165.00 | 150.00 | 123.00 | 128.00 | 124.00 | 180.00 | 181.00 |
| Total expenses | 546.00 | 612.00 | 691.00 | 659.00 | 709.00 | 701.00 | 788.00 | 775.00 | 803.00 | 765.00 | 934.00 | 974.00 |
| Profit before exceptional items and tax | 191.00 | 230.00 | 238.00 | 293.00 | 348.00 | 334.00 | 336.00 | 349.00 | 335.00 | 341.00 | 347.00 | 408.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 191.00 | 230.00 | 238.00 | 293.00 | 348.00 | 334.00 | 336.00 | 349.00 | 335.00 | 341.00 | 347.00 | 408.00 |
| Current tax | 43.00 | 67.00 | 67.00 | 69.00 | 86.00 | 81.00 | 92.00 | 90.00 | 86.00 | 81.00 | 88.00 | 95.00 |
| Deferred tax | 3.00 | -12.00 | -10.00 | 7.00 | 4.00 | 1.00 | -7.00 | -3.00 | -0.00 | 5.00 | -2.00 | 10.00 |
| Tax expense | 46.00 | 55.00 | 57.00 | 76.00 | 90.00 | 82.00 | 85.00 | 87.00 | 85.00 | 86.00 | 86.00 | 105.00 |
| Profit for the period | 145.00 | 176.00 | 181.00 | 221.00 | 257.00 | 252.00 | 255.00 | 264.00 | 254.00 | 254.00 | 269.00 | 306.00 |
| Profit attributable to owners | 145.00 | 176.00 | 181.00 | 221.00 | 258.00 | 252.00 | 255.00 | 264.00 | 254.00 | 254.00 | 269.00 | 306.00 |
| Profit attributable to non-controlling interests | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| Other comprehensive income | -0.00 | 2.00 | -8.00 | -1.00 | 2.00 | -0.00 | -1.00 | 0.00 | 1.00 | 1.00 | 3.00 | -0.00 |
| Total comprehensive income | 145.00 | 178.00 | 172.00 | 220.00 | 259.00 | 252.00 | 254.00 | 264.00 | 254.00 | 255.00 | 271.00 | 306.00 |
| Earnings per share, basic | 41.39 | 50.16 | 51.27 | 62.51 | 72.54 | 70.41 | 71.13 | 73.36 | 70.54 | 14.02 | 14.79 | 16.78 |
| Earnings per share, diluted | 41.11 | 49.43 | 50.17 | 60.60 | 70.45 | 68.55 | 69.06 | 70.70 | 68.14 | 13.62 | 14.40 | 16.34 |
| Interest earned | 257.00 | — | 339.00 | 384.00 | 406.00 | 442.00 | 485.00 | 504.00 | 435.00 | 474.00 | 555.00 | 626.00 |
| Fees and commission income | 400.00 | — | 529.00 | 494.00 | 552.00 | 512.00 | 575.00 | 528.00 | 564.00 | 548.00 | 644.00 | 578.00 |
| Net gain on fair value changes | 78.00 | — | 59.00 | 70.00 | 93.00 | 77.00 | 60.00 | 90.00 | 136.00 | 82.00 | 69.00 | 173.00 |
| Dividend income | 0.00 | — | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.00 | 0.00 |
| Rental income | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Annual results, as filed
| Line | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|
| Revenue from operations | 3,151.00 | 4,158.00 | 4,631.00 |
| Other income | 7.00 | 11.00 | 19.00 |
| Total income | 3,158.00 | 4,169.00 | 4,650.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 891.00 | 1,166.00 | 1,262.00 |
| Finance costs | 620.00 | 822.00 | 977.00 |
| Depreciation and amortisation | 136.00 | 94.00 | 113.00 |
| Other expenses | 661.00 | 463.00 | 556.00 |
| Total expenses | 2,348.00 | 2,858.00 | 3,278.00 |
| Profit before exceptional items and tax | 810.00 | 1,311.00 | 1,371.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 |
| Profit before tax | 810.00 | 1,311.00 | 1,371.00 |
| Current tax | 219.00 | 328.00 | 345.00 |
| Deferred tax | -32.00 | 6.00 | 0.00 |
| Tax expense | 187.00 | 333.00 | 345.00 |
| Profit for the period | 625.00 | 985.00 | 1,040.00 |
| Profit attributable to owners | 625.00 | 986.00 | 1,041.00 |
| Profit attributable to non-controlling interests | -0.00 | -1.00 | -1.00 |
| Other comprehensive income | -7.00 | -1.00 | 5.00 |
| Total comprehensive income | 618.00 | 985.00 | 1,045.00 |
| Earnings per share, basic | 177.97 | 276.66 | 57.59 |
| Earnings per share, diluted | 174.14 | 268.54 | 56.06 |
| Interest earned | 1,114.00 | 1,718.00 | 1,968.00 |
| Fees and commission income | 1,734.00 | 2,140.00 | 2,284.00 |
| Net gain on fair value changes | 258.00 | 300.00 | 378.00 |
| Dividend income | 1.00 | 0.00 | 2.00 |
| Rental income | 0.00 | 0.00 | 0.00 |
Balance sheet, as filed
| Line | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Total assets | 17,875.00 | 20,387.00 | 22,614.00 | 28,388.00 | 24,256.00 | 34,491.00 |
| Property, plant and equipment | 218.00 | 219.00 | 269.00 | 221.00 | 226.00 | 211.00 |
| Capital work-in-progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Goodwill | 14.00 | 14.00 | 14.00 | 10.00 | 10.00 | 0.00 |
| Other intangible assets | 48.00 | 45.00 | 40.00 | 40.00 | 31.00 | 32.00 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 746.00 | 367.00 | 713.00 | 533.00 | 242.00 | 581.00 |
| Total equity and liabilities | 17,875.00 | 20,387.00 | 22,614.00 | 28,388.00 | 24,256.00 | 34,491.00 |
| Equity | 2,506.00 | 2,899.00 | 3,161.00 | 3,493.00 | 3,792.00 | 4,123.00 |
| Equity share capital | 35.00 | 35.00 | 36.00 | 36.00 | 36.00 | 36.00 |
| Other equity | 2,467.00 | 2,859.00 | 3,122.00 | 3,454.00 | 3,754.00 | 4,085.00 |
| Total liabilities | — | — | — | 24,895.00 | 20,464.00 | 30,368.00 |
Cash flow, as filed
| Line | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Net cash from operating activities | -578.00 | -1,658.00 | -427.00 | -371.00 | -1,054.00 | -3,014.00 |
| Net cash from investing activities | -30.00 | -80.00 | -51.00 | -65.00 | -103.00 | -128.00 |
| Net cash from financing activities | 565.00 | 1,316.00 | 823.00 | 601.00 | 863.00 | 3,181.00 |
| Purchase of property, plant and equipment | 27.00 | 81.00 | 11.00 | 33.00 | 4.00 | 29.00 |
| Net increase in cash | -43.00 | -422.00 | 347.00 | 166.00 | -291.00 | 48.00 |
| con:CFO.BEFORE_TAX | -513.00 | -1,451.00 | -311.00 | -48.00 | -896.00 | -2,675.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 64.00 | 208.00 | 116.00 | 323.00 | 158.00 | 338.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 1.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 4.00 | 4.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 1.00 | 5.00 | 5.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-09-26 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 56.19 | 56.19 | 55.95 | 55.81 | 55.68 | 55.18 | 54.93 | 54.78 | 54.73 | 0.55 | 0.54 | 0.54 | 0.54 |
| Domestic institutions | 0.79 | 0.79 | 0.93 | 1.27 | 1.44 | 1.54 | 4.71 | 5.81 | 6.37 | 0.08 | 0.08 | 0.08 | 0.08 |
| Mutual funds | — | — | — | — | — | — | — | — | 4.98 | 0.06 | 0.07 | 0.07 | 0.07 |
| Insurance companies | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.77 | 0.77 | 0.77 | 0.77 | 0.01 | 0.01 | 0.01 | 0.01 |
| Foreign institutions | 9.40 | 9.45 | 7.16 | 6.91 | 6.73 | 13.88 | 15.46 | 16.57 | 17.14 | 0.16 | 0.16 | 0.17 | 0.19 |
| Government | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 42.38 | 42.38 | 44.05 | 44.19 | 44.32 | 44.82 | 45.07 | 45.22 | 45.27 | 0.45 | 0.46 | 0.46 | 0.46 |
| Non-institutional | 32.19 | 32.14 | 35.96 | 36.01 | 36.15 | 29.40 | 24.90 | 22.83 | 21.76 | 0.21 | 0.21 | 0.21 | 0.19 |
| Shares outstanding | 35074457 | 35074457 | 35223817 | 35308603 | 35395281 | 35716620 | 35876058 | 35974358 | 36005110 | 36064250 | 181806170 | 182041513 | 182528816 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Nuvama Clearing Services Limited | Fellow subsidiary | Any other transaction, Dividend received, Interest r | 3,196,165,000,000.00 | 51 |
| Nuvama Wealth Management Limited | Holding Company | Any other transaction, Dividend paid, Interest paid, | 2,377,496,500,000.00 | 79 |
| Nuvama Wealth and Investment Limited | Fellow subsidiary | Any other transaction, Dividend received, Interest p | 798,141,600,000.00 | 57 |
| Nuvama Wealth Finance Limited | Fellow subsidiary | Any other transaction, Dividend received, Interest p | 146,985,000,000.00 | 61 |
| Nuvama Custodial Services Limited | Associate of Holding Company | Any other transaction, Interest received, Investment | 1,498,100,000.00 | 37 |
| Nuvama Asset Management Limited | Subsidiary | Any other transaction, Interest received, Investment | 580,400,000.00 | 27 |
| Ashish Kehair | Managing Director & CEO | Any other transaction, Remuneration | 105,700,000.00 | 2 |
| Tushar Agrawal | Key Managerial Personnel | Any other transaction, Interest received, Loan, Remu | 99,400,000.00 | 7 |
| Nuvama Wealth Management (DIFC) Limited | Subsidiary | Any other transaction, Investment | 91,400,000.00 | 4 |
| Alok Saigal | Executive Director | Remuneration | 77,100,000.00 | 1 |
| Shiv Sehgal | Executive Director | Any other transaction, Remuneration | 74,500,000.00 | 3 |
| Rahul Jain | Managing Director and Chief Execut | Any other transaction, Remuneration | 74,000,000.00 | 5 |
| Nuvama Investment Advisors Private Limited | Subsidiary | Any other transaction, Investment | 62,500,000.00 | 7 |
| Nuvama and Cushman & Wakefield Management Private Limite | Joint Venture | Any other transaction, Investment | 50,400,000.00 | 8 |
| Bharat Kalsi | Chief Financial Officer | Remuneration | 40,100,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-05 | Q1FY27 | Read the call | |
| 2026-05-18 | Q4FY26 | Read the call | |
| 2026-02-02 | Q3FY26 | SGA, INVESTOR RELATIONS ADVISOR | Read the call |
| 2025-11-12 | Q2FY26 | CHIEF EXECUTIVE OFFICER | Read the call |
| 2025-08-21 | Q1FY26 | Read the call | |
| 2025-06-04 | Q4FY25 | Read the call | |
| 2025-02-07 | Q3FY25 | Read the call | |
| 2024-11-04 | Q2FY25 | SGA, INVESTOR RELATIONS ADVISOR | Read the call |
| 2024-08-02 | Q1FY25 | Ashish Kehair: | Read the call |
| 2024-05-17 | Q4FY24 | Read the call | |
| 2024-02-20 | Q3FY24 | LIMITED, WEALTH MANAGEMENT LIMITED | Read the call |
| 2023-11-03 | Q2FY24 | LIMITED, WEALTH MANAGEMENT LIMITED | Read the call |
What they said about it, quarter by quarter
| Topic | Q2FY25 | Q2FY26 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | So, if we remove the cost of capacity addition and the associated revenue with that, the cost-to-income ratio would have come down by 400 basis points… | — | — | I don't think this to slow down significantly unless we meaningfully reduce capacity addition because right now, if you see in both the businesses, th… | And these are not very high opex, capex. | — | — | — |
| Capital allocation | Happy to share that the Board has declared the interim dividend for H1 FY '25 at INR 63 per share. | So at least for the next 2 to 3 quarters, we can project the yields, and that looks to be in the range of 2.6% to 3-3.2% because we are in the acquisi… | Because our competition has moved to a dividend payout structure. | — | — | So like last quarter, we highlighted that we would be thinking on giving a dividend, announcing a dividend? | One, of course, new client acquisition continues to happen where we keep on getting the cash float. | — |
| Costs | — | — | — | — | — | — | — | — |
| Debt and cash | — | — | — | — | — | And so, lastly on the, we have a decent healthy cash flow as a fair market, also going ahead, what are the plans for effective utilization of this cas… | — | — |
| Demand | We have a pipeline which will take it to about INR 2,000-INR 2,500 crores. | And you also mentioned on the TBR pipeline, kind of sustaining in 2H also. | The third question is on the IB pipeline. | Now we see 1 month into the quarter, in terms of activity levels on the wealth side, both on incremental flow on the ARR side or on the transactional … | — | — | And what's the pipeline sort of looking like that you can think of in that segment? | On ECM side, I think our overall pipeline right now. |
| Guidance | Would you like to guide that this kind of number should not correct, given that this is spread across a larger number of 1,000 plus RMs, given, of cou… | So should we expect a 2Q run rate or some moderation to that? | So, how do we expect to increase our revenues? | — | Nuvama Wealth Management Limited January 27, 2026 Once we migrate our flagship strategies of current AIF absolute return and long short into SIF, we e… | How long do we expect that bridge to financial statement to offer in our books? | — | — |
| Margin | RM capacity today we are at around 1,200, which is almost 40% higher than what we had just 12 months before or say end of September '24 As those RMs g… | So as to say, historically, my understanding is in this business, you have operating leverage favoring you. | And would you -- would it be right for me to, we are at 27% ROE, would it be right for me to say that our goal would be to reinvest in the margin fund… | It's not necessarily margin trade financing, which is linked to the levels of market and market activity. | If you can split up the margin profile of the business between DCM, ECM and your IE. | And second is, if you could just mention two, three action points to improve productivity and operating leverage over the next one or two years? | Because unless you start doing things which are non-aligned to customer, sell very high-margin products, which again will be damaging to the business … | So that phenomena also adds to productivity and operating leverage. |
| People | Let's say we reduce our RM hiring in the next 12 months, automatically there'll be a sharp fall in the cost-to-income ratio. | So like, are we seeing some attrition over there? | And second thing is on attrition trends and vintage of RM. | When they move, and I'm saying there will be attrition. | — | So if you look at the cost-income for Nuvama Wealth for Q3, Q4, and if you look at our hiring most of our hiring is actually back-ended this year. | So, I just wanted to know, I mean, how has been the attrition at the RM and the client level? | Just lastly on attrition, I mean, have we had any kind of a regret attrition during the year? |
| Pricing | — | — | — | — | We are able to operate as a single one-stop shop and can give a bundled pricing. | — | — | Then a flow-through of that will happen in deposit pricing, and we will see the yields go up if that happens. |
| Revenue growth | The equity assets MTM is about 17%, whereas the equity revenue growth is about 2%. | About INR20-25 crores on top line basis. | So, it's a combination of organic growth of client assets, the products we offer, and the RMs who come in. | — | So we need to get closer to INR5,800 crores to INR6,000 crores for the fourth quarter to achieve that number, and you are seeing a growth of 20% to 30… | — | So, which means that this AUM growth of, again, around 20% plus is still overall possible is the view you have, right? | In fact, the overall volume of insurance growth was also not like historically, we would grow by 50%, 50%. |